Consumer experience is changing rapidly and expectations are evolving, with consumers now expecting a personalized experience across every brand and channel. To adapt to this environment, organizations need to focus on acquiring consumer data and developing a robust and privacy-respecting data strategy. The power of consumer data has given rise to a multibillion-dollar industry that touches all organizations in the world. However, increased expectations from consumers and governments regarding the privacy of users are driving a parallel need for brands to be more privacy-aware, leading to a paradigm shift in this ecosystem. First-party data (FPD) helps organizations understand their consumers better and provide meaningful personalized products/services/experiences.
Different organizations across different industries are at different maturity levels when it comes to FPD, asking various questions such as "what is the right quantity and quality of FPD?" FPD will be valued deeply by any organization, big or small, irrespective of the industry.
In all of this, marketers are also leveraging 2P segments to make their digital marketing efficient and making sizable investments in building tech capabilities to harness the power of data for a range of marketing use cases. A new ecosystem is already in play and evolving rapidly.
This MMA India thought paper will aim to simplify the value impact of data and tech capabilities, provide insight into privacy, investment, and partnerships, and establish a strong value proposition along with specific use-cases that can deliver business outcomes. To that effect, an expert panel of key contributors from Accenture, Google, Unilever, Flipkart Ads and Vserv AudiencePro along with authored POVs from experts at ITC, Mondelez and Madison World have collaborated to share experiences and develop an industry-neutral point of view.
Below are the broad contents of this report:
Data Strategy & Roadmap
Capabilities & Partnerships
Driving Growth In a Changing Privacy Environment
The Business Impact of Utilizing Data – 1P/2P